ASEAN: Knitted Fabric Market 2024

Knitted Fabric Market Size in ASEAN

The ASEAN knitted fabric market was estimated at $X in 2021, stabilizing at the previous year. The market value increased at an average annual rate of +3.9% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Knitted Fabric Production in ASEAN

In value terms, knitted fabric production rose notably to $X in 2021 estimated in export price. The total production indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +5.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +65.9% against 2012 indices. The pace of growth appeared the most rapid in 2015 when the production volume increased by 18% against the previous year. Over the period under review, production hit record highs in 2021 and is likely to see steady growth in the near future.

Knitted Fabric Exports

Exports in ASEAN

In 2021, approx. X tons of knitted or crocheted fabrics were exported in ASEAN; surging by 24% against 2020 figures. Over the period under review, exports enjoyed a resilient expansion. The pace of growth was the most pronounced in 2018 with an increase of 36% against the previous year. The volume of export peaked in 2021 and is expected to retain growth in the immediate term.

In value terms, knitted fabric exports surged to $X in 2021. In general, exports saw a prominent expansion. The growth pace was the most rapid in 2018 with an increase of 43%. Over the period under review, the exports reached the maximum in 2021 and are likely to see gradual growth in the immediate term.

Exports by Country

Vietnam represented the key exporting country with an export of about X tons, which resulted at 55% of total exports. It was distantly followed by Malaysia (X tons), Thailand (X tons) and Indonesia (X tons), together mixing up a 38% share of total exports. The following exporters - Cambodia (X tons) and Singapore (X tons) - together made up 6.7% of total exports.

Exports from Vietnam increased at an average annual rate of +22.0% from 2012 to 2021. At the same time, Cambodia (+22.1%), Malaysia (+12.3%), Thailand (+5.2%) and Indonesia (+1.6%) displayed positive paces of growth. Moreover, Cambodia emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +22.1% from 2012-2021. By contrast, Singapore (-1.4%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Vietnam and Cambodia increased by +28 and +2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X) remains the largest knitted fabric supplier in ASEAN, comprising 57% of total exports. The second position in the ranking was held by Thailand ($X), with an 18% share of total exports. It was followed by Malaysia, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Vietnam amounted to +22.9%. In the other countries, the average annual rates were as follows: Thailand (+4.9% per year) and Malaysia (+12.0% per year).

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2021, almost unchanged from the previous year. In general, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the export price increased by 5.6% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2019 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Cambodia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+0.8%), while the other leaders experienced mixed trends in the export price figures.

Knitted Fabric Imports

Imports in ASEAN

In 2021, imports of knitted or crocheted fabrics in ASEAN expanded remarkably to X tons, picking up by 6% compared with the year before. Total imports indicated a strong expansion from 2012 to 2021: its volume increased at an average annual rate of +5.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +60.6% against 2012 indices. The most prominent rate of growth was recorded in 2019 with an increase of 18% against the previous year. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the near future.

In value terms, knitted fabric imports totaled $X in 2021. The total import value increased at an average annual rate of +4.8% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 with an increase of 14% against the previous year. Over the period under review, imports attained the maximum at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

Vietnam was the largest importer of knitted or crocheted fabrics in ASEAN, with the volume of imports accounting for X tons, which was approx. 43% of total imports in 2021. It was distantly followed by Cambodia (X tons), Indonesia (X tons), Myanmar (X tons), the Philippines (X tons) and Thailand (X tons), together generating a 53% share of total imports. Malaysia (X tons) took a little share of total imports.

From 2012 to 2021, average annual rates of growth with regard to knitted fabric imports into Vietnam stood at +5.1%. At the same time, Myanmar (+25.0%), the Philippines (+9.3%), Cambodia (+6.7%), Malaysia (+3.9%), Indonesia (+2.2%) and Thailand (+1.2%) displayed positive paces of growth. Moreover, Myanmar emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +25.0% from 2012-2021. While the share of Myanmar (+6.2 p.p.) and Cambodia (+2 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Thailand (-2 p.p.) and Indonesia (-5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X) constitutes the largest market for imported knitted or crocheted fabrics in ASEAN, comprising 45% of total imports. The second position in the ranking was held by Cambodia ($X), with a 20% share of total imports. It was followed by Indonesia, with a 17% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Vietnam stood at +4.9%. In the other countries, the average annual rates were as follows: Cambodia (+7.0% per year) and Indonesia (+1.4% per year).

Import Prices by Country

In 2021, the import price in ASEAN amounted to $X per ton, shrinking by -3.9% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2014 an increase of 6.8%. The level of import peaked at $X per ton in 2015; however, from 2016 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Indonesia ($X per ton), while the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Myanmar (+1.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform